664 & 666 Main Avenue

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Address: 664 & 666 Main Avenue

New York & Tri-State + Apartment Buildings

Created date: April 11, 2024

Date last updated: August 28, 2024

Value Add Opportunity - Current Rents Sit 20%+ Below Renovated Market Comparables
Average Current Rent: $2,054
Average Market Rent: $2,783
+/- $730 in Loss-to-Lease Across All Units
Value Add Opportunity - A New Owner Can Eliminate Loss-to-Lease by Upgrading Apartments to Modern Finishes with Minimum Investment Capital and a More Aggressive Leasing Strategy
Opportunity to Purchase in Bulk at Below the Cost of Comparable Condo Sales in Norwalk, CT
Low Touch, Ease of Management Through HOA
Exceptionally Well-Maintained Apartments
Historically High Occupancy | Prime Rental Location
Large SF, Open Layout Apartments With Balconies
Tenant Paid Heat and Electric
Conveniently Located Along Route 7 Corridor on the Wilton Town Line in Close Proximity to Merritt 7 Corporate Park, BLT’s North Seven Development, and two Metro North Railroad Stations: Merrit 7 (Norwalk) and Wilton

Property Description

This offering is for six (6) residential condos. 664 & 666 Main Avenue consists of forty-three (43) total condos, comprised of twelve (12) retail and thirty-one (31) residential. Constructed in 1989, the condos being offered consists of five (5) 1-Bedroom/1.5-Bathroom townhomes and one (1) 2-Bedroom/1-Bathroom flat. The property features modern open layouts, off-street parking, in-unit washer and dryer, dishwashers, walk in closets, and central heat & air conditioning. Tenants are responsible for their own electric expense, which includes central forced air and heating provided by an electric boiler. Water, sewer,and all common area and exterior maintenance are included in the HOA fee. A new owner has the unique opportunity to purchase six (6) exceptionally well-maintained condos while having the benefit of adding value through unit upgrades and a more aggressive leasing strategy. Current rents sit about 20% below market comps of similar size and finishes. A new owner can easily eliminate the current loss to lease by marking the in-place rents to market rate with very minimal investment capital required. The Town Line Condos are conveniently located on Route 7 and 1.5 miles away from the Merritt Parkway. A mile down the road on Route 7 is the Merrit 7 Corporate Park and BLT’s North Seven Development which both offer retail and dining experiences. The location offers the best of both worlds being on the Wilton town line, offering easy access to suburbia while still being just a 10 minute drive away from South Norwalk. South Norwalk is considered one of the premiere dining, entertainment, and nightlife hubs in the state of Connecticut.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,625,000
No. of Units:	6
Year Built:	1989
Opportunity Zone:	No
Price per unit:	$270,833
Property Website	Click Here